A Balls Up Can Cause Insolvency

Hindsight is a wonderful thing when a balls up causes insolvency.  Looking back, a mistake that was the route cause of insolvency,  can often be a source of astonishment. Many a director has watched in slow motion as a winding up petition has run its course through the courts and succeeded in winding up the company. Nearly as many directors have realised their errors, but too late.  The causes vary from entering into contracts that are beyond the capabilities of the company to trusting a corrupt customer.

Crystal Ball

No director has a crystal ball. However, as some directors make the same mistakes time and time again, a crystal ball would be no good anyway.  Maybe for a few directors, business and CEO coaching would be of benefit.  Business in Britain is very different to other countries.  This may be because of our heritage and believing that we must know everything. That is dangerous.  Other countries have entrepreneurs that are thirsty for knowledge and take regular courses on business and CEO coaching. Institutionally, Britain is risk averse. The British Establishment deals with directors accordingly. Whilst in the USA, business owners are seen as brave warriors, even in defeat.

Repercussions

If you make a mistake and your company becomes insolvent, then take action. There are no second chances if you do nothing. In a winding up petition situation you could be looking at a director ban, a personal fine, tax bonding in your future company or in extreme cases, prison. Not all cases can be avoided, but what if yours can? Isn’t it worth just one call to find out?

If in the capacity of a Director, you may think that you have made a Balls up. If so, call Directors Circle on 0333 050 8518 and we’ll get you back in play.